Michael Sheldon
Michael Sheldon
Michael Sheldonis a former Australian rules footballer who played with Essendon in the Victorian Football League...
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Oil prices in the morning would've been the biggest story, but by the close the market's incredible resilience is what investors are left with, ... It's a contrast to how the markets ended yesterday. I think so far higher oil prices have not had a major impact. There are a lot of positives driving the consumer and the stock market.
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The mood of the market has clearly improved in recent weeks and this most likely reflects optimism that the Fed is close to the end of its recent rate tightening cycle.
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That's likely to remain the case until we start to resolve a few of the issues overhanging the markets include interest rates, energy prices and the strength of the economy over the next several months.
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Despite the Democratic National Convention, the biggest story of the week has been energy prices. That's prevented the market from seeing a bigger rally off these oversold conditions.
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Despite terrorist events around the world, rising oil prices and a lukewarm job market, consumer spending has remained fairly strong, much better than many would have thought. But if the economic data starts to slow and oil rises above $60 a barrel, that could eat into consumer spending.
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Intel's numbers were clearly disappointing, as is reflected in the futures. The one thing is that you never know what will happen to the market given that the monthly jobs report comes out before the bell.
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Intel's news is going to hurt techs tomorrow. I think if the payroll numbers are disappointing, too, you're going to see a broader sell-off.
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Intel's news is going to hurt techs tomorrow, ... I think if the payroll numbers are disappointing, too, you're going to see a broader sell-off.
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In terms of the broader market, it looks like we may have entered a short period of consolidation or profit taking following the strong advance at the start of this year.
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If you take all those comments together, it implies the Fed is less worried about deflation and more about inflation, all of which sets the stage for higher rates.
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Buying enthusiasm dried up as the day progressed. Lingering worries over rising energy prices and higher bond yields may have finally caught up with the market.
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If Greenspan is more hawkish, implying that rates will rise faster than thought, that may bother investors, ... If Greenspan continues to stress that rates can rise at a 'measured' pace, that may impress the market.
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The news from Cisco was disappointing for tech investors. The longer-term outlook was positive, but shorter term there were a few items in the report that unsettled.
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The news from Cisco was disappointing for tech investors,